Leonardo Gambacorta

Research Adviser

Monetary and Economic Department

leonardo.gambacorta@bis.org

Before taking up his current position, Leonardo Gambacorta was head of Monetary Policy in MED (2010-12) and head of the Money and Credit Unit in the Economic Outlook and Monetary Policy Department of the Bank of Italy (2007-09). He holds an MSc in economics from Warwick University and a PhD from the University of Pavia. He worked as a financial analyst in the Supervision Department of the Milan branch of the Bank of Italy before becoming head of the Banking Sector Unit of the former Research Department (2004-06). In 2002-03 he was a visiting scholar at the NBER. Author of many articles on the monetary transmission mechanism, his other research interests include the study of the financial structure of advanced and emerging market economies, banks' profitability and the business cycle, the links between financial stability and monetary policy, the optimal institutional arrangement for a monetary union, and the functioning of the securitisation market. He is a research fellow of the Centre for Economic Policy Research (CEPR).

Fields of interest

Banking
Macroeconomics
Monetary policy

Date	BIS research papers
Sep 2017	The real effects of relationship lending BIS Working Papers No 662 Other authors: Ryan Niladri Banerjee and Enrico Sette
Sep 2017	What are the effects of macroprudential policies on macroeconomic performance? BIS Quarterly Review September 2017 Other authors: Codruta Boar, Giovanni Lombardo and Luiz Awazu Pereira da Silva
Jun 2017	Macroprudential policy and bank risk BIS Working Papers No 646 Other authors: Yener Altunbas and Mahir Binici
Jun 2017	The shifting drivers of global liquidity BIS Working Papers No 644 Other authors: Stefan Avdjiev, Linda Goldberg and Stefano Schiaffi
Jun 2017	The international dimensions of macroprudential policies BIS Working Papers No 643 Other authors: Pierre-Richard Agénor, Enisse Kharroubi, Giovanni Lombardo and Luiz Awazu Pereira da Silva
May 2017	The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data BIS Working Papers No 636 Other authors: Andrés Murcia Pabón
Apr 2017	How post-crisis regulation has affected bank CEO compensation BIS Working Papers No 630 Other authors: Vittoria Cerasi, Sebastian M Deininger and Tommaso Oliviero
Mar 2017	Changing business models in international bank funding BIS Working Papers No 614 Other authors: Adrian Van Rixtel and Stefano Schiaffi
Feb 2017	Monetary policy and bank lending in a low interest rate environment: diminishing effectiveness? BIS Working Papers No 612 Other authors: Claudio Borio
Feb 2017	The effects of tax on bank liability structure BIS Working Papers No 611 Other authors: Giacomo Ricotti, Suresh Sundaresan and Zhenyu Wang

"Monetary policy and bank lending in a low interest rate environment: diminishing effectiveness?" (with C Borio), Journal of Macroeconomics, forthcoming. Also published as BIS Working Papers, no 612.
"The influence of monetary policy on bank profitability" (with C Borio and B Hofmann), International Finance, forthcoming. Also published as BIS Working Papers, no 514.
" Why bank capital matters for monetary policy" (with H S Shin), Journal of Financial Intermediation, forthcoming. Also published as BIS Working Papers, no 558.
" Relationship and transaction lending in a crisis" (with P Bolton and X Freitas), Review of Financial Studies, vol 29, no 10, 2016, pp 2643-76. Also published as BIS Working Papers, no 417.
" Are bank capital ratios pro-cyclical? New evidence and perspectives" (with M Brei), Economic Policy, vol 31, no 86, pp 357-453, 2016. Also published as BIS Working Papers, no 471.
" Asymmetric information in securitization: an empirical assessment" (with U Albertazzi, G Eramo and C Salleo), Journal of Monetary Economics, vol 71, 2015, pp 33-49. Also published as "Securitization is not that evil after all", BIS Working Papers, no 341 .
" Has the transmission of policy rates to lending rates changed in the wake of the Global Financial Crisis?" (with A Illes and M Lombardi), International Finance, vol 18, no 3, 2015, pp 263-80. Also published as BIS Working Papers, no 477.
" Understanding global liquidity" (with S Eickmeier and B Hofmann), European Economic Review, vol 68, 2014, pp 1-18. Also published as BIS Working Papers, no 402.
" Should monetary policy lean against the wind? An analysis based on a DSGE model with banking" (with F Signoretti), Journal of Economic Dynamics and Control, vol 43, 2014, pp 146-74. Also published as BIS Working Papers, no 418.
" The effectiveness of unconventional monetary policy at the zero lower bound" (with B Hofmann and G Peersman), Journal of Money, Credit and Banking, vol 46, issue 4, 2014, pp 615-42. Also published as BIS Working Papers, no 384.
" Bank heterogeneity and interest rate setting: What lessons have we learned since Lehman Brothers?", (with P E Mistrulli), Journal of Money, Credit and Banking, vol 46, issue 4, 2014, pp 753-78. Also published as BIS Working Papers, no 359.
" Basel III: long-term impact on economic performance and fluctuations" (with P Angelini, L Clerc, V Cúrdia, A Gerali, A Locarno, R Motto, W Roeger, S Van den Heuvel and J Vlcek), Manchester School, vol 83, issue 2, 2015, pp 217-51. Also published as BIS Working Papers, no 298.
"Relationship and transaction lending: New evidence and perspectives", Emerging Markets Finance and Trade, forthcoming.
" The use of payment systems data as early indicators of economic activity" (with C Conesa, M Lombardi and S Gorjon), Applied Economics Letters, vol 22, issue 8, 2015, pp 646-50.
" Monetary policy in a downturn: are financial crises special?" (with M Bech and E Kharroubi), International Finance, vol 17, issue 1, pp 99-119, 2014. Also published as BIS Working Papers, no 388.
" Does monetary policy affect bank risk?" (with Y Altunbas and D Marqués), International Journal of Central Banking, vol 10(1), 2014, pp 95-135. Also published as BIS Working Papers, no 298.
" Diversification and bank profitability: a nonlinear approach" (with M Scatigna and J Yang), Applied Economics Letters, vol 21(6), 2014, pp 438-41.
" Rescue packages and bank lending" (with M Brei and G von Peter), Journal of Banking and Finance, vol 37, issue 2, pp 490-505, 2013. Also published as BIS Working Papers, no 357.
" Structural bank regulation initiatives: approaches and implications" (with A van Rixtel), Bancaria, no 6, June 2013. Also published as BIS Working Papers, no 412.
" Do bank characteristics influence the effect of monetary policy on bank risk?" (with Y Altunbas and D Marqués), Economics Letters, vol 117, issue 1, October 2012.
" Do bank capital and liquidity affect real economic activity in the long run? A VECM analysis for the US", Economic Notes, vol 40. issue 3, 2012, pp 75-91.
" The economic effects of central bank bond purchase programmes" (with B Hofmann), Bancaria, no 3, 2012, pp 38-50.
" The effects of countercyclical capital buffers on bank lending" (with M Drehmann), Applied Economic Letters, vol 19, issue 7, 2012, pp 603-8.
" The bank lending channel: lessons from the crisis" (with D Marqués), Economic Policy, April 2011. Also published as BIS Working Papers, no 345.
" The risks of low interest rates", Ensayos sobre política económica, vol 29, no 64, 2011, pp 14-31. Also published in Italian in Bancaria, January 2011.
" Bank risk and monetary policy" (with Y Altunbas and D Marqués), Journal of Financial Stability, vol 6, issue 3, 2010, pp 121-9.
" Mutual guarantee institutions and small business finance" (with F Columba and P E Mistrulli), Journal of Financial Stability, vol 6, issue 1, 2010, pp 45-54. Also published as BIS Working Papers, no 290.
" Bank profitability and taxation" (with U Albertazzi), Journal of Banking and Finance, vol 34, 2010, pp 2801-10.
" Modelling bank lending in the euro area: a non-linear approach" (with C Rossi), Applied Financial Economics, vol 20, issue 14, 2010, pp 1098-112.
" Securitization and the bank lending channel" (with Y Altunbas and D Marqués), European Economic Review, vol 53, issue 8, 2009, pp 996-1009.
" Bank profitability and the business cycle" (with U Albertazzi), Journal of Financial Stability, vol 5, issue 4, 2009, pp 393-409.
"The effects of mutual guarantee consortia on the quality of bank lending" (with F Columba and P E Mistrulli), Revue Bancaire and Financière, no 4, 2009.
" How do banks set interest rates?", European Economic Review, vol 52, issue 5, 2008, pp 792-819.
" Bank lending for non-financial corporations in the Mezzogiorno", Bancaria, no 1, 2008, pp 52-60 (in Italian).
" Are there asymmetries in the response of bank interest rates to monetary shocks?" (with S Iannotti), Applied Economics, vol 39, issue 19, 2007, pp 2503-17.
" On the activity of Italian mutual guarantee institutions" (with F Columba and P E Mistrulli), Bancaria, no 7, 2006 (in Italian).
" Inside the bank lending channel", European Economic Review, vol 49, issue 7, 2005, pp 1737-59.
"An econometric model for lending to firms in Italy" (with L Casolaro and G Eramo), Moneta e Credito, vol 59(234), 2005, pp 151-83 (in Italian).
" A model of profit and loss accounts for the Italian banking system" (with L Casolaro), Bancaria, no 3, 2005, pp 19-27 (in Italian).
" Does bank capital affect lending behaviour?" (with P E Mistrulli), Journal of Financial Intermediation, vol 13, issue 4, 2004, pp 436-57.
" The Bernanke and Blinder model in an open economy: the Italian case" (with P Chiades), German Economic Review, vol 5, issue 1, 2004, pp 1-34.
"An econometric model for lending to households in Italy" (with L Casolaro), Moneta e Credito, vol 58(229), 2004, pp 29-56 (in Italian).
" Asymmetric bank lending channels and ECB monetary policy", Economic Modelling, vol 20(1), 2003, pp 25-46.
" The effects of monetary policy in the euro area" (with M Ehrmann, J Martinez Pagés, P Sevestre and A Worms), Oxford Review of Economic Policy, vol 19(1), 2003.
"I prestiti bancari per l'acquisto di abitazioni in Italia e nell'area dell'euro" (with L Casolaro and G Gobbi), Quaderni di Economia Immobiliare, June 2003, pp 24-39.
" On the institutional design of the European monetary union: conservatism, stability pact and economic shocks", Economic Notes, vol 30, issue 1, 2001, pp 109-43.
"The effects of structural asymmetries in aggregate demand for the ECB monetary policy", Economia Politica, vol 18(2), 2001, pp 217-47.
" The Italian banking system in the euro area" (with G Gobbi and F Panetta), Bancaria, no 3, 2001, pp 21-32 (in Italian).
"The financial instability hypothesis in an open economy", Studi Economici, vol 50(56), 1996, pp 63-105.
"Dalla 'crescita con indebitamento' alla 'deflazione da debiti'. L'attuale fase ciclica in una prospettiva storica" (with G Garofalo), Economia e Lavoro, vol 29(2), 1995, pp 21-30 (in Italian).
"The Tobin-Tax", (with G Garofalo), Rivista di Politica Economica, no 3, 1994 (in Italian).